Act now on gender specific annuity quotes say My Pension Expert

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The major annuity providers are starting to show their hand on Gender Neutral rates. Flexibility between providers varies significantly, so act now is the advice from My Pension Expert.

To obtain a rate based on the pre-gender format, MGM must receive a full application by 6pm on 20 December 2012.

(PRWEB UK)6 December 2012

Specialist retirement income provider MGM Advantage has announced how it will process annuity applications up to 21 December, prior to the new EU ruling making it illegal to use gender when generating rates.

MGM normally offers a 45 days quote guarantee period, though from 6 November quotes will only be guaranteed until 20 December.

To obtain a rate based on the pre-gender format, MGM must receive a full application by 6pm on 20 December 2012.

All quotes after this date will have the 45 day guarantee period, and any re-quotes will be created using the new EU format.

Aviva on the other had insist that all funds are with them by the 21st December to hold the gender specific rate.

Just Retirement, the major enhanced annuity provider are being much more accommodating with their investors and will allow gender specific annuity quotes to be issued up to the 20th of December 2012. The client then has up to the end of January 2013 to have all the funds in to hold the rate.

Scott Mullen of My Pension Expert said "Aviva have started to issue gender neutral rates from the 30th of November and an early examination has indicated that male rates have dropped by about 3.6% on their invested annuity so if this a sign of the type of drop males can expect it is clear that men really do need to get on with their annuity application and benefit from gender specific rates now"

My Pension Expert is a company of Diploma Qualified Independent Financial Advisors who specialise in the at retirement market.